As used in the Economic Advancement District Act:
A. "board of trustees" means the governing board of the economic advancement district;
B. "district" means an economic advancement district which is composed of contiguous and compact areas whose boundaries coincide and are concurrent with the territorial areas of one or more school districts of the state lying wholly within any B or C class county;
C. "mortgage" means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security;
D. "project" means any land and building or other improvements thereon, to be located within the district in whole or in part, and all real and personal properties deemed necessary in connection with a project, whether or not now in existence, which shall be suitable for use by the following or by any combination thereof:
(1) any industry for the manufacturing, processing or assembling of any agricultural or manufactured products;
(2) any commercial enterprise involved in storing, warehousing, distributing or selling products of agriculture, mining or industry, but which does not include facilities designed for the sale of goods or commodities at retail or distribution to the public of electricity, gas, water or telephone or other services commonly classified as public utilities;
(3) any business in which all or part of the activities of the business involves the supplying of services to the general public or to governmental agencies or to a specific industry or customer, but does not include establishments primarily engaged in the sale of goods or commodities at retail;
(4) any private institution of higher education or any nonprofit corporation engaged in health care services, including nursing homes; or
(5) any water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment designed to provide water to any commercial agricultural activity;
E. "property" means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to the project; and
F. "qualified elector" means a natural person resident in a proposed or existing district who is registered to vote in state general elections.
History: Laws 1987, ch. 115, § 2; 1988, ch. 86, § 1.
ANNOTATIONSThe 1988 amendment, effective March 8, 1988, in Subsection B, substituted "within any B or C class county" for "within a B class county having a net taxable value in the 1986 property tax year or of any subsequent tax year of not less than one billion dollars ($1,000,000,000) nor more than one billion six hundred million dollars ($1,600,000,000)"; deleted "economic advancement" preceding "district" in Subsection F; and made a minor stylistic change.